World News
Aegean "Determined to Innovate," Broaden its Presence Worldwide as Bunker Industry Transitions Towards 2020
Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) says it is "determined to innovate" as the bunker industry transitions towards 2020 and the introduction of a global 0.50% sulfur cap on marine fuel.
The comments by group President, Jonathan Mcilroy, came alongside the global physical supplier's Monday exit from the Singapore bunker market as a physical player, and amid wide-ranging company efforts to reduce costs and better utilize assets.
"Aegean's orderly departure from Singapore comes at a time when we are working on a number of projects which will see the group broaden its presence worldwide with new and innovative physical supply stations some of which will come on stream in the course of 2018," stated Mcilroy.
"The market is evolving and Aegean is determined to innovate and remain the forefront of the industry as we gear up for the new landscape that will emerge in 2020."
While the upcoming IMO 2020 regulations will permit the use of bunker fuel that has a higher sulfur content than 0.50% where vessels burning the otherwise noncompliant products have scrubbers or other such technology installed so they can achieve an equivalent method of compliance, the vast majority of vessels are expected to comply by switching to the use of a compliant distillate product.
The transition is expected to bring with many changes to the bunker markets, including the rationalization of HFO supply.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
Popular Now More
-
Apr 15The Athens branch manager of global marine fuel supplier and trading firm Monjasa has stepped down from his role at the company. -
Apr 16The firm will acquire majority ownership of the Spanish firm for an undisclosed sum, subject to closing conditions and regulatory approvals. -
Apr 15Monjasa group CFO Rasmus Knudsen discusses the firm's expectations for 2024 in an interview with Ship & Bunker.